Complex data landscape posing new challenges

Vast majority of businesses see data as an integral part of forming a business strategy, yet a complex data landscape is posing new challenges

A new global data management report, commissioned by Experian, has revealed that organisations are struggling to implement data management strategies to harness the opportunities that today’s vastly complex data landscape offers.

The annual research, which surveyed 1000 employees within global organisations, found that 4 in 5 (83 per cent) businesses see data as an integral part of forming a business strategy, yet they suspect 30 per cent of their contact and prospect data may be inaccurate. With ‘improving the customer experience’ being called out as a top priority for 2018, the research also reports that 69 per cent believe inaccurate data is undermining their ability to provide this.

So, why are organisations struggling to grasp data management? With digital activity developing at an ever–increasing pace, and data security front of mind for consumers and businesses, 73 per cent believe that it is often difficult to predict when and where the next data challenge will be. Add to this the growing expectation from consumers for organisations to act responsibly when it comes to managing their data, just under half (48 per cent) of respondents believe that their customers are fully aware of how they are using their data and trust them to use it responsibly.

For respondents in the UK, the General Data Protection Regulation (GDPR) is also proving to be a challenge, with 64 per cent of them believing increasing volumes of data make it difficult to meet regulatory requirements. However, it’s reassuring to find that 71 per cent of that same UK group believe the GDPR represents an opportunity for them to refine their data management strategy.

“The prospect of rapid data-related change can feel legitimately daunting, but what’s clear is that businesses need to recognise that with every new test there comes an equally sizeable opportunity.” said, Experian’s Rebecca Hennessy.

“This year’s research has demonstrated that if organisations want to benefit from the clear opportunities of a digitalised data landscape, they need a well-thought out, ethical data management strategy that focusses on the right activities. Data is an essential part of enabling effective business strategy. And this begins with having the most accurate data.”

There are already, encouraging signs of change. Data management projects are on the rise and 75 per cent say they have seen a return on investment from data quality solutions. From an ethical perspective, of those surveyed, 41 per cent of organisations said they had updated their privacy policy to make it easier to understand and the same number say they update their customers on any changes.

Rebecca Hennessy, continues: “Demonstrating integrity through better data stewardship, transparency and accuracy is essential. It is likely to foster higher levels of trust with your customers and create a more balanced two-way relationship”.